Buying a car in 6 steps

Buying a car in 6 steps

Buying a car requires research. This is why we help you figure the important things out, to make sure that you get the right set of wheels for the right price.

Set a realistic budget

Find out how much you can afford. In addition to the purchase price that will determine your monthly payments, make sure to consider other expenses such as insurance cover, fuel (insurance and fuel usually cost about 7% of your income), regular maintenance, repairs and part replacements, taxes*, and registration and transfer fees.

Once you have a budget, check our loan payment and affordability calculators to see where you stand.

Choose a car type that suits your needs and taste
Man driving a convertible car, holding his cap.

Why are you buying it? How will you use it? What features and options will make your life more comfortable? Think of your needs by considering factors such as children and family size, changing weather conditions, commute and gas mileage, or daily life. These answers will help you decide whether an SUV, a cross over, a sedan, or a convertible is best for you.

Do your research and test-drives

Once you figure out the type of vehicle you need, you can start researching the makes and models that best suit your needs. We recommend listening to your fellow consumer and industry experts for ratings, reviews, reliability, or safety and pricing information. Also, visit manufacturers’ website to learn about the different features and upgrades available. Most importantly, test-drive all your options.

Get the best price on the car

Find out what your preferred models are selling for. Websites like TrueCar gives you the market value and what others have paid for your vehicle, TrueCar also provides you with a list of dealerships with the best prices available. Their Guaranteed Savings Certificate locks in the price you were given upfront.

We can help you with the financing
A woman driving a car.

When it comes to picking your loan term, think of it as a matter of affordability: the longer the repayment term of your loan, the lower your monthly payment will be; but keep in mind that longer repayment terms have higher interest rates, too. Here at OAS FCU we offer repayment terms between 3 and 7 years for most cars, and up to 9 years for pricier models.

If you can’t afford a down payment, we offer up to 110% financing so that you may cover vehicle registration costs. You can apply online or contact our Lending Department to discuss your options.

Get an insurance quote

Now that the deal is closed, you have to find a policy to coverage your new purchase. We’ve teamed up with Worldwide Coverage Network to provide a range of insurance products with flexible covers and value for your money. For insurance quotes, service inquiries and assistance, you can contact Boris Fernandez at 202-817-8273 or send an email here.

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